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People get worried about the US dragging their feet with DA adoption and regulation, but there is progress, sometimes we just can’t really understand it. Devs in the US wouldn’t expend resources for nothing https://www.occ.treas.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html
Dodd-Frank is still a barrier for banks to hold crypto - fortunately, it seems as if this is being addressed as well https://www.wsj.com/articles/cftc-chairman-pushes-to-finalize-dodd-frank-rules-11595363239
The Volcker Rule was also modified and these modifications take effect October 1 http://sec.gov/news/press-rel …
For those who don’t understand, The Volker Rule basically says "no trading in risky assets", but it's written in a way that means anything that isn't a government bond of some kind.
Obviously banks shouldn’t be dealing in crazy commodity futures and direct stock/derivatives, but, the last bullet in that rule change says this no longer applies to things that the rule wasn't considering when written (i.e. crypto)
“Permitting banking entities to offer financial services and engage in other activities that do not raise concerns that the Volcker rule was intended to address.”
It appears this is saying “if this isn’t going to cause a liquidity issue (by holding or servicing crypto), then go ahead and do it.
